Kingston, Port Gamble & Hansville Real Estate Trends & Home Sales February 2013

Posted on March 24, 2013 by Briana Wilson
Kingston, Port Gamble & Hansville February 2013 & 18 Months Prior

Kingston, Port Gamble & Hansville February 2013 & 18 Months Prior

The number of Homes Sold in the combined area of Kingston, Port Gamble & Hansville for February 2013 was 11, which is an increase from the 8 Homes sold in January.

Both the Average and Median Selling prices declined in these areas during February.  The average selling price of homes dropped about $20,000 from the January level to $267,518, while the Median Selling Price for February was $225,000, about $13K less than in January.  These declines can likely be attributed to the increase in distressed properties sold during February, which was just over 45% of all homes sold in this area, a 20% increase from January 2013 and nearing the high levels since we’ve tracked the data.  Most of these distressed properties were Short Sales, where the owner sells the home for less than what they owe the lender.  When distressed properties comprise a larger percentage of sales for any given period, we typically see the Average & Median selling prices decline during that same period.

On a good note, an increase from 8 home sales in January to 11 homes sold in February means this area (like virtually all others in Kitsap County) has happily entered the spring real estate market emerging from only a short Winter slowdown.  Home owners who are thinking of selling should take advantage of this Spring season, during which the economics are now favoring Sellers.

All indications point to a very strong Spring Market, with increasing numbers of Buyers and a decreasing number of homes available for sale.  This classic Supply/Demand situation will favor Sellers and if it continues for a few months, we should see some significant home price increases, however; if you need to sell, don’t wait, talk to us about listing your home in time to catch this market upswing.

Thank You for visiting our Blog. Be sure to subscribe to our RSS feed to receive the most up-to-date discussions and market information and we invite you to leave us your comments below.

By Briana Wilson
Reviewed by Brian Wilson, Broker

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19723 10th Ave NE; Suite 200
Poulsbo, WA 98370

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Salt Waterfront Home Sales in Kitsap County for March 2013, with 18 mo. of data

Posted on March 2, 2013 by Brian Wilson

graph of Salt waterfront home Sales Kitsap March 2013 with 19 mo. of dataThis report includes new data for Salt Waterfront home sales, prices and trends, in Kitsap County from July 1 2012 through February 28, 2013 and has a total of 19 months of data. * 

In the ensuing 8 months since my last comprehensive review of this market, there has been a slight downward trend to the number of homes sold monthly, but the Average Selling Prices have been steadily increasing over the last six months!

The median selling prices for this category of real estate have been oscillating from a high of $820,000 to a low of $412,500, but have been increasing for the last 3 consecutive months from $450,000 in December, $500,00 in January and $704,000 in February.

The distribution of Saltwater front sales from the various areas in the County show that Bainbridge Island as an area had the largest number of Waterfront Home Sales with 21 homes sold, however all of the rest of North Kitsap combined had 32 waterfront home sales
So North Kitsap combined, which includes Bainbridge Island had nearly 71% of the total salt waterfront home sales!

Here’s the breakdown:
Bainbridge Island: 21
Poulsbo: 9
Indianola & Suquamish: 8
Kingston: 6
Seabeck: 5
Hansville: 3
Port Gamble: 1
Silverdale: 1
Bremerton: 15
Port Orchard, Manchester, Olalla: 6

We believe the increasing trend in the average selling prices for the last 6 months, combined with an increasing median selling price over the last 3 months, (during the slowest seasonal time of the year for Real Estate), indicates an underlying demand for homes in the Salt Waterfront home market and points to further increases in the coming Spring and Summer months.  It is however the case, even more-so than in other markets, that buyers for salt waterfront homes generally have time to watch and select the most compelling properties offering the amenities the buyers are looking to have.  So proper positioning is crucial to getting these properties Sold & achieving the desired results for the Sellers.  Our team has the expertise and comprehensive marketing power to work with our Seller clients to achieve their objectives in getting their waterfront homes Sold.

Looking forward:  Another positive indicator supporting our generally positive view for this market segment is the number of currently “Pending” & “Contingent” waterfront home sales, which are currently at 29 properties! (36 if condominiums and townhomes are included) & most of these are expected to close within the next 2 months and meanwhile more sales will be added to the list.

Graph of Distressed Salt WaterFront Compared_Aug11_Feb2013This market segment (Salt Waterfront homes) generally continues to have a significantly reduced percentage of distressed sales compared with all other single family residential categories, however; during the past 8 months, there were two months, September & January, which had spikes in the percentage of distressed sales.  Looking at the graph, there has been a pattern of these spikes in distressed sales about every 4 – 5 months.

This data is intended to provide a general high level view of this market in Kitsap County, however; If you are thinking of Selling, just contact us to schedule a time we can meet and visit your home.   We’ll provide you with a comprehensive market analysis of your home including comparisons with the best comparable properties and those most similar in all ways including waterfront type and quality (Low bank compared to low bank etc..)

Thank you for visiting our blog.  We invite you to subscribe to the RSS feed or book mark it and visit regularly as we have a number of reports we publish regularly and can be found in the various categories in the right column on the main page.

It is also interesting to note that virtually all of the sales for waterfront condominiums or townhomes came from either Bainbridge Island (5), or Bremerton (14) and Port Orchard with only (1).  Looking forward, we expect to see the number of these sales in Bremerton to decline to a more normalized level, as many of them came from the new condominium project at Harbor Square which is almost sold out.

* This data only includes Single Family Residential homes and does not include Condominiums, townhomes or mfg. homes.  If these categories of homes were included, (20 units) the total number of waterfront home sales would increase from 75 to 95.

Brian Wilson, Broker  -and-
Jana Salmans, Managing Broker

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19723 10th Ave NE; Suite 200
Poulsbo, WA 98370

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Kitsap County Real Estate Sales, Prices & Trends January 2013

Posted on February 22, 2013 by Briana Wilson
January 2013 & 19 Months Prior Kitsap County Home Sales, Prices & Trends

January 2013 & 19 Months Prior Kitsap County Home Sales, Prices & Trends

Note: In the event you got to this article from an older link, here is a link to the newest data for this category of monthly home sales in Kitsap County

Kitsap county experienced a sharp decrease in homes sold during the month of January, which is expected as we hit the middle of the slow winter real estate market. Though there were only 175 homes sold compared to 236 in December 2013, the average selling price remained relatively stable with a decrease of less than $10,000 compared to the previous month and the median selling price increased.

The average selling price of homes in Kitsap country for January 2013 was $253,181 with a median selling price of $227,550. This is very similar to the average and median selling prices of $261,496 and $223,327 from the previous month. In fact, though the average selling price decreased from December to January, the median experienced a slight increase.

25% of homes sold in the county were distressed properties, with a majority consisting of Bank REO’s. This reflects the same trends for December 2012, during which about 26% of the total homes sales were distressed properties.  The similarities between December 2012 and January 2013 in the average selling price, median selling price & distressed properties indicates relative continuing strength even during the traditionally slowest time of the year.

As you can see from the following graph*, the inventory of available homes for sale is decreasing, while the “Pending Sales” and Sales combined are increasing.  This is a situation that leads to more of a Seller controlled market with increasing prices, decreasing time on market and more competition among buyers for the available homes.  We are in fact seeing multiple offers for properties and even seeing the resurrection of escalation clauses with offers from buyers who do not want to get outbid.   What a change from a year ago and beyond!  If this trend continues (and we think it will), Buyers will need to act much more quickly and write much tighter offers to secure their position for the best properties.

Graph of Kitsap County Home Inventory

Kitsap County Home Inventory

 

 

 

 

 

 

 

 

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* All reports are published February 2013, based on data available at the end of January 2013. This representation is based in whole or in part on data supplied by the King County Association of REALTORS(r), PMAR, EMAR, Spokane Association of Realtors, MLSCO or their Multiple Listing Services. Neither the Boards nor their MLSs guarantee or are in any way responsible for their accuracy. Data maintained by the Boards or their MLSs may not reflect all real estate activity in the market. This statistical information is produced by and for the exclusive use of the John L. Scott Real Estate Company. Report reflects activity by all brokers participated in the MLS.

By Briana Wilson
Reviewed by Brian Wilson, Broker

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19723 10th Ave NE; Suite 200
Poulsbo, WA 98370

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Kingston, Port Gamble & Hansville Real Estate Trends for January 2013 with 18 Months of Sales & Price Data

Posted on February 22, 2013 by Briana Wilson
Kingston, Port Gamble & Hansville 19 Months & Prior Real Estate Trends

Kingston, Port Gamble & Hansville 19 Months & Prior Real Estate Trends

January 2013 was a good month for Real Estate in Kingston, Port Gamble & Hansville. There were 8 homes sold which is only a slight improvement from 7 in December. however; there was an 18% decline in distressed properties from the previous month (December 2012)!

The area experienced a decrease in average and median selling prices, to $282,775 and $238,850 respectively for January compared with December, but they were significantly higher than during the same period one year ago. 

Only 2 of the 8 homes sold during January were distressed properties, and both of them were Short Sales.   This equates to 25% of homes sold being distressed,  which is consistent with the data from the rest of Kitsap County including Bainbridge Island.   On the positive side, This is an improvement from the near 43% of sales in December being distressed and being comprised of both Bank REO’s and Short Sales.

We are currently seeing an increasing number of of BPO requests (Broker Price Opinions) in this area which tends to correlate with an increasing number of Bank Owned REO’s that will be coming on the market in the coming few months.  Moving forward, we are less concerned about these properties having as much negative impact on home prices as in the past because there are fewer total homes on the market and homes are selling much more quickly than previously.   We are also seeing the banks working harder to price these foreclosed properties much closer to actual market prices than in the past.

If you have been watching the market and wondering when you should put your home on the market, the answer is immediately.  With the current low number of homes on the market, and increasing demand, this is a great time.

Now is a good time to beat the crowds and get great deals for your home or find the perfect house.

Thank You for visiting our Blog! Feel free to contact us for any tips or questions you may have.

By Briana Wilson
Reviewed by Brian Wilson, Broker

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19723 10th Ave NE; Suite 200
Poulsbo, WA 98370

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Indianola & Suquamish Home Sales & Trends January 2013

Posted on February 22, 2013 by Briana Wilson
January 2013 Home Sales & Trends Indianola & Suquamish

January 2013 Home Sales & Trends Indianola & Suquamish

Indianola & Suquamish experienced an upswing in home sales from December with 7 homes sold in January. Though this number may not appear significant, an increase in homes sold during the middle of the slow season is just an indicator of what we expect will be a very strong Spring Market!  Additionally, the average selling price and median selling price also improved from the previous month.   If you’ve been waiting to sell your home, now is the time! Talk to us to receive a current market value for your home.

The average selling price of homes sold in Indianola & Suquamish during the month of January was $305,714, with a median selling price of $238,500. This is more than a $15,000 increase in the average and a nearly a $60,000 increase in the median from the previous month (December 2012)!  The large increase in the median suggests the type of homes sold generally had higher values, suggesting higher-end homes are currently selling in Indianola & Suquamish.

Another interesting fact relates to the number of distressed properties Sold (Short Sales & Bank REO’s).  During January 2013, 5 of the 7 homes were distressed with all of these being Bank REO’s.  This is an extremely high percentage of the total sales (71% of homes sold were distressed). and is the highest percent of distressed properties in this area we’ve ever seen,  yet the strong average & median selling prices indicates that even the banks recognize the improving market and are pricing their distressed inventory closer to market prices and not dramatically under pricing.    The housing recovery is still in the early stages and with historically low interest rates Now is a great time to buy and if you are a Seller, prices are increasing and the time on market is decreasing.

If you are planning to sell your home this Spring, we believe it is a good idea to get ahead of the curve and not wait for the traditional Spring market to list your home, but instead, do it Now.  Currently the market is strong and there is little competing inventory, so Buyers don’t have as many choices and with less comparable homes on the market, prices are strong right now.   Give us a call, we’d love to market your home.

Thank You for visiting our Blog!

By Briana Wilson
Reviewed by Brian Wilson, Broker

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19723 10th Ave NE; Suite 200
Poulsbo, WA 98370

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January 2013 Bainbridge Island Real Estate Trends, Prices & Home Sales

Posted on February 22, 2013 by Briana Wilson
Bainbridge Island Home Sales, Prices & Trends January 2013

Bainbridge Island Home Sales, Prices & Trends January 2013

Bainbridge Island had 24 home sales in January 2013. This is a fairly steep decline from the 41 in December, but not unexpected in the middle of the slow season.  Compared with the same period one year ago, the number of homes sold in January was up 60%! 

The average selling price in homes increased from $458,476 in December 2012 to $463,907 in January. Bainbridge Island continues it’s leading position in the Kitsap Real Estate Market.

The median selling price for January declined to $353,ooo, while it was at $375,000 in December 2012.    A look at the selling price per Sq. Ft. showed a large jump from $217 in December to $300. in January.  This is due to a higher percentage of sales from smaller homes including town-homes & condominiums which sell for less and therefore contribute to a decrease in the Median prices.

25% of property sales on Bainbridge this January were distressed (Short Sales and Bank REO’s), which is a 5% increase from December.   Since there were fewer homes Sold during January, the distressed properties comprised a larger percentage of the total sales even though they decreased in terms of absolute numbers, from 8 to 6.

Compared to Kitsap County as a whole, Bainbridge Island’s average selling price was over $210,000 more, but matches the Kitsap County trend of a decrease in the number of homes Sold for the month and therefore a slightly higher percentage of sales consisting of distressed properties.  This was predicted in our Blog post from December 2012 due to our reporting an extraordinary number of homes sold on Bainbridge Island during the month of December due to fears of tax changes, and our belief  it would not be repeated during January.  In this trend, Bainbridge more closely matches the County data including the distressed property sales at 25% of the total homes Sold.

Moving forward in the Bainbridge Island market, we expect to see an increasing number of homes Selling, increasing prices, decreasing time on market and a decrease in percentage of home sales coming from distressed properties.

Thank You for visiting our Blog. Feel free to contact us with any questions and subscribe to our RSS feed for the most up-to-date information on real estate trends on Bainbridge Island.

By Briana Wilson
Reviewed by Brian Wilson, Broker

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19723 10th Ave NE; Suite 200
Poulsbo, WA 98370

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Kitsap County Real Estate Trends for December 2012 & 18 Months Prior

Posted on January 14, 2013 by Briana Wilson
Kitsap County Graph of Sales, Trends & Prices December 2012 and 18 Months Prior

Kitsap County Graph of Sales, Trends & Prices December 2012 and 18 Months Prior

{Note: In the event you got to this article from an older link, here is a link to the newest data for this category of monthly home sales in Kitsap County}

Kitsap County experienced an increase in the number of homes sold during December, but a steady decrease in average selling price since October.  There were 236 home sales in December, which is much higher than 184 during the same period last year.  Based upon the increasing number of homes Sold and the decreasing inventory of homes available for sale, we anticipate continued strength in the real estate market in Kitsap County with increasing sales and prices throughout 2013.

The County-wide average selling price for this month was $261,496 and the median $223,327. This is the lowest the average selling price has been since last February, while the median price is within a fairly typical range.  A significant factor contributing to these price results in December is the increased percentage of home sales that were distressed properties, since they are typically sold at a discount to the market.  When they comprise a higher percentage of the homes sold in a month, we typically see both the average and median prices decline.

In December, about 26% of sales were distressed properties, which is the highest percentage since the near 31% last May. About 2/3 of these distressed properties were REO’s, while the other 1/3 were Short Sales.   An important fact to recognize is that the absolute number of distressed properties sold monthly has been fairly consistent, (last month there were 61) so when the total number of homes sold declines, the percentage comprised of distressed properties increases in an inverse relationship.

Although there was a fairly high percentage of distressed properties sold, the increased volume in home sales from last year is encouraging and is an indicator of continuing improvement in the Kitsap County Real Estate Market, which we anticipate will continue throughout 2013.

Thank You for visiting our Blog. For the latest information, be sure to subscribe to our RSS feed.

By Briana Wilson
Reviewed by Brian Wilson, Broker 
19723 10th Ave NE; Suite 200
Poulsbo, WA 98370
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Bainbridge Island Real Estate Trends for December 2012 with 18 months of Sales & Price Data

Posted on January 14, 2013 by Briana Wilson
Bainbridge Island Home Sales, Trends & Prices December 2012 & 18 Months Prior

Bainbridge Island Home Sales, Trends & Prices December 2012 & 18 Months Prior

Bainbridge Island had a great month for home sales in December! There were 41 homes sold, a 46% improvement from November and nearly 116% above the sales for the same period one year ago! Bainbridge Island continues to lead other areas of the county in both home sales and average selling prices.

The average selling price for this month was $458,476, with a median selling price of $375,000.  These prices are lower than the November average of $546,414 and median of $425,000, yet the sales were dramatically higher, and looking at seasonal sales expectations, they were off the charts in December, so what’s going on?

We believe there was a large increase in home sales that closed in December due to seller fears of a Capital gains increase as of January 1 2013.  While this fear did not materialize (yet), there was a lot of scrambling going on to get sales closed by the end of December.  In some cases, buyers negotiated more favorable prices and sellers agreed just to lock in the sale by the end of the month.

We expect to see fewer sales in January in fact probably more in line with normal seasonal numbers, and they may decline due to the vacuum created with the extraordinary number of sales in December.

Unfortunately, the number of distressed properties sold increased from 3 in November to 8 in December, consisting of an even amount of REO’s and Short Sales.  An increase in the number of distressed properties sold is typically associated with depressing prices, so this was also a factor.  Keeping it in perspective, however; it is important to note that distressed home sales on Bainbridge Island only comprised 19.5% of total homes Sold, while during the same period one year ago, they comprised about 37% of total homes Sold.   Overall, Bainbridge Island has had fewer distressed properties than all other areas of Kitsap County, and while the quantity of distressed homes has remained relatively low and consistent month to month, the percentage they represent of total sales varies inversely with the number of homes sold.

Overall, with the strong employment and hot real estate market in the Seattle area, (7th best real estate market in the County) we continue to project increases in home sales and prices on Bainbridge Island over over the coming year . For Buyers, there are many beautiful homes on Bainbridge Island and we would love to help you find your dream!  If you are thinking of Selling, we would love to talk to you and share our ideas to get your home sold fast at the best price.

Thank You for visiting our Blog. We hope you visit regularly.

By Briana Wilson
Reviewed by Brian Wilson, Broker

 

 

19723 10th Ave NE; Suite 200
Poulsbo, WA 98370

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Poulsbo Real Estate Trends, Prices & Sales for December 2012

Posted on January 14, 2013 by Briana Wilson
Real Estate Trends, Sales & Prices in Poulsbo December 2012

Real Estate Trends, Sales & Prices in Poulsbo December 2012

Poulsbo experienced a strong, and unexpected upswing in home sales during the month of December 2012! The number of homes sold increased by nearly 14% from the previous month and 32% above the sales for the same month one year ago!

A look back at the previous two months (November and October) shows relative consistency in the number of homes sold and surprising consistency in the average and median selling prices.  With the expectation of continued low interest rates (though a bias toward increasing), only modest price appreciation with home prices still significantly below their peak in 2007, and a renewed expectation for price appreciation with demand exceeding supply, it is a great time for both buyers and sellers in Poulsbo!

The average sale price for this month was $286,510, while it was $296,182 for November and $297,959 in October. This shows that the average selling price has remained within a fairly tight range over the past 3 months.  However, we can expect to experience a decrease in number of homes sold during January, as is typical trend in Poulsbo and the county as a whole.  However, looking at previous sale trends, there is a good chance that prices will remain firm and likely increase this Spring.

Interestingly, the average and median selling prices were nearly identical for this month, with a median selling price of $286,250. This is due to a large number of homes (1/3) selling between $290,000 – $330,00 and then a nice balance of sales at both the low and higher prices.  Also, homes listed in December spent less time open on the market than nearly any month in this past year.  One factor to explain the abnormal seasonal strength in the market was the fear of a capital gains increase as of January 1, 2013.  Though this did not happen, many sellers were extremely motivated to close before the new year and many buyers and their brokers assisted to make this happen.   Even so, we see this strength and activity as a strong indicator of a tightening market for buyers leading into Spring and believe prices will likely increase.

12% of homes sold during December were distressed (either REO’s or Short Sale’s), which is an improvement from 13.8% in November. Also, Poulsbo is faring much better than the county as a whole, which consisted of about 26% in sales of distressed properties.

Now is a great time to either buy or sell in Poulsbo and if you are a buyer, we suggest you get busy looking now.

Feel free to contact us for information on specifics about types of properties sold and getting the best value or price as a buyer or seller!

Thank You for visiting our Blog.

By Briana Wilson
Reviewed by Brian Wilson, Broker

 

 

19723 10th Ave NE; Suite 200
Poulsbo, WA 98370

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Kingston, Port Gamble & Hansville Real Estate Trends, Sales, & Price Data for December 2012

Posted on January 14, 2013 by Briana Wilson
Kingston, Port Gamble & Hansville Trends Graph December 2012

Kingston, Port Gamble & Hansville Trends Graph December 2012

There were 7 home sales in Kingston, Port Gamble and Hansville for the month of December 2012.  This is consistent with the typical seasonal sales we have seen in the past and will likely continue into mid-February.

The average selling price of $356,557 for this month is lower than the $414,546 we saw during November.  The Median price also declined from $394,750 in November to $314,900 in December. However, when compared to December of 2011, all of the prices are much higher.

The number of distressed properties sold this month (REO’s & Short Sales) accounted for 43% of home sales. Though there was a large percentage of sales that were distressed properties sold this month, December 2011 was near 63%!  While it’s very easy to have skewed data and large fluctuations with such low sales numbers, overall we continue to see improvement in the real estate market and expect it to continue throughout the year.

If you would like to know the current market value of your home and get our ideas for how to maximize the selling price please contact us for more information!  We’re very friendly and would love to talk with you.

Thank You for visiting our Blog.

By Briana Wilson
Reviewed by Brian Wilson, Broker

 

 

19723 10th Ave NE; Suite 200
Poulsbo, WA 98370

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